Nevada is a top state for solar with more than 30% of the Silver State’s electricity being solar power. Residential solar in the state has seen steady and stable growth.
Home solar panels in Nevada can save homeowners money. Incentives, like the federal solar tax credit, can bring down the cost and shorten your solar payback period. Here’s what you need to know about incentives in Nevada before going solar.
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Nevada Net Metering Program
Most Nevadans who install a solar energy system on their homes will be eligible for net metering. In general, net metering is a billing mechanism that allows you to earn credit toward your electricity bill for excess solar energy you don’t use and send to the grid.
The details of net metering can vary by state and even utility. Under a variation of net metering called monthly net metering, every kilowatt-hour you send to the grid offsets one kilowatt-hour you buy from the grid in the same billing cycle. Any extras get rolled over to the next month at a reduced rate.
Nevada’s main electric utility, NV Energy, offers monthly net metering where electricity you send to the grid offsets electricity you buy from the grid at nearly a 1-to-1 rate in the same billing cycle. Credits that roll over to future months do so at a rate of 75% of the retail rate of electricity. In Nevada, 93% of residents receive electricity from NV Energy.
There are a few unavoidable billing items that these credits cannot be applied to, such as the Basic Service Charge and Renewable/Energy Efficiency Programs. Learn more and view a sample net metering calculation from NV Energy for more information about how this system works.
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Federal Solar Tax Credit
Most Nevada residents are eligible to claim the federal solar tax credit—more formally called the Residential Clean Energy Credit. In 2024, eligible homeowners can deduct up to 30% of the cost of their solar panel and all solar system component installation from their federal income taxes.
Battery storage can also qualify for the Residential Clean Energy Credit. Many Nevadans are pairing battery storage with solar to enjoy the benefits of both the Residential Clean Energy Credit and state battery storage incentive discussed above.
It’s important to note tax credits are not a refund or a rebate. Rather, homeowners will need to have federal tax liability (i.e. they must owe taxes) in order to benefit.
Go Solar in Nevada with Palmetto
Are you interested in going solar? Our energy experts can help you navigate the process of installing a solar energy system on your home, so you make the most out of your investment in clean energy.
To begin your solar journey, you can use our solar savings calculator or connect with a Palmetto advisor to see what’s best for your home.
See what solar can do for you:
Frequently Asked Questions
Do solar panels increase home value?
Solar panels and solar power have been proven to raise home value for the vast majority of homeowners. A Zillow report showed home value increased by an average of 4.1% for homes with solar panels.
How much does a home solar power system cost?
The cost of a residential solar system varies due to multiple factors including your location, the system size, installation and labor in your area, and if you want energy storage for backup power.
Disclaimer: This content is for educational purposes only. Palmetto does not provide tax, legal, or accounting advice. Please consult your own tax, legal, and accounting advisors.
Andrew GiermakWriter and EditorAndrew joined Palmetto in Charlotte in August 2024. He’s been a writer in journalism, then in business, going back to almost the 20th century. He’s lived in Indiana, Virginia, Pennsylvania, Virginia again, and now North Carolina for the last 12 years. He likes golf. Is he good at it? Not so much.
